Do I have a treat for YOU today!
We’re going to get a little nerdy and figure out a number that’s absolutely KEY to your business success.
Not only does it affect your profits, but boosting this # means you’re making a BIGGER IMPACT on your client’s lives (for the better!).
If you haven’t guessed it yet, the number is your RETENTION RATE.
Your retention rate is the percentage of clients you keep over a certain period of time.
I recommend tracking this # on a regular basis – monthly, quarterly, AND yearly!
Here are a few bottom-line reasons why this number matters, no matter how big or small your business is:
- It costs SO MUCH MORE to get a new client than it does to keep one – anywhere from 3 to 25 times more.
- Boosting your retention rate as little as 5% means an increase of profits of 25% or more, because returning clients are more likely to buy more of your services.
- Happy long-term clients are one of the best sources of new (low-cost!) leads, through referrals.
SURPRISE BONUS! I’ve created a downloadable calculator for you to use to figure out your own retention rate. Yay!
You can get it here: FREE CLIENT RETENTION RATE CALCULATOR! <<
What’s a good retention rate?
→ Personally, I like to aim for a minimum of 95% retention. The crazy thing is that studies show in the fitness industry that number is much lower, in the 60s. GASP!
How do you boost your retention rate?
I’ve got a ton of ideas coming your way to help you with this over the next few weeks.
But … SPOILER ALERT … one of the most important factors will require YOU to make a personal mindset shift.
You will retain more clients when you focus on creating REAL CHANGE in your clients’ lives.
They come to you for results … whether they want to lose weight, prep for an event or competition, heal their gut, manage their hormones, and the list goes on.
Of course, you need to be able to help your clients get RESULTS.
But when you help people to believe in themselves – and that they CAN absolutely achieve their goals (and beyond!), that’s a very powerful thing.
Your clients might come for results – but they stay because of the connection, community, support, and of course – the mindset shifts THEY create.
They also want to feel like they’re part of something larger than themselves.
It’s up to YOU to not only deliver results – but also those intangible “extras” because they turn into very tangible profits in the long-term.
And those “extras” should start from the moment they first reach out to you for info or a consult!
So, your to-do today is:
- Calculate your client retention rate! (calculator here)
- Put “calculate retention rate” on your monthly to-do li (I use Asana) to track how it changes over time.
Knowing this information will give you INCREDIBLE insight and help you make better decisions about your business and its trajectory.
I hope you found this really helpful.
Are you going to calculate your % today?!
Let’s get to tracking!!